According to MSN News, a growing number of baby boomers are choosing not to sell their homes. This trend has resulted in a decline in the number of existing homes coming on the market. With 53 percent of the nation’s owner-occupied homes being owned by people 55 and older, these baby boomers have become a dominant force in the current housing market. Just ten years ago, the boomers accounted for only 43 percent of the owner-occupied market. Public policy, such as property-tax exemptions for longtime residents, is likely the cause behind this significant change.
On the other hand, those ages 18-34 possess only 11 percent of existing homes—a significant drop since the baby boomers were that age. Click here to read the entire article.